The Reserve Bank of India has found that State Bank of India has under-reported bad loans by Rs 11,932 crore during the financial year 2019. The automotive industry saw a drop of 15.95 per cent in sales in April to November, a report by the Society of Indian Automobile Manufacturers stated. The Gross NPA of scheduled commercial banks (SCBs) has declined by 7.5 per cent at the end of H1FY20 compared to double-digit growth of 18.9 per cent in September 2018. Read for more top stories from the world of business and economy:
Due to divergence in reporting of bad loans, SBI has to make additional provisioning of Rs 12,036 crore in the balance sheet. As a result, the adjusted net loss of the bank would be at Rs 6,968 crore instead of its reported profit of Rs 862 crore for FY19.
Auto sales down: Domestic sales of two wheelers went down by 15.74 per cent as only 12,864,936 units were sold as compared to 15,267,778 units the year ago.
RCEP in its current form does not adequately address these concerns and joining it would have been unfair to the country's interests, says Union Commerce Minister Piyush Goyal.
The growth in GNPA has been moderating for SCBs at an overall level given the reduction in the slippages of the PSBs and the loan write offs.
"India is seeing a rise in digital transactions, and therefore industries are ramping up investments in Blockchain," says Ruchee Anand of LinkedIn.